Up she goes18 Mar 2022 09:39
Duke Royalty Limited (AIM: DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America, is pleased to announce a follow-on investment of CA$10.3 million (approximately £6.2 million) into its existing royalty partner Creo-Tech Industrial Group Inc. ("Creo-Tech").
Creo-Tech is a Canadian holding company that acquires businesses within the engineering, procurement and construction ("EPC") sector in both commercial and industrial settings.
Highlights:
· Creo-Tech will use this contribution from Duke to acquire California based MD Stainless Services, which specialises in the design, engineering, fabrication and installation of sanitary processing systems for the pharmaceutical, biotech, diary, food and beverage industries
· The financing increases Duke's total investment into Creo-Tech to CA$18.5 million (approximately £10.9 million)
· MD Stainless Services represents Creo-Tech's first acquisition supported by Duke, in line with Creo-Tech's stated buy-and-build strategy
· All other terms of the follow-on contribution are the same as Duke's previous investment into Creo-Tech
Neil Johnson, CEO of Duke Royalty, said: